
Iran partially reopens its airspace after ceasefire with Israel
TEHRAN, Iran, May 26: Iran's Ministry of Transport has officially reopened the country's eastern airspace to domestic, international, and transit flights, marking a step toward the gradual normalization of aviation operations.
The decision includes the resumption of flights to and from key airports in eastern Iran, notably Mashhad, Chabahar, Zahedan, and Jask, according to a statement released Thursday by ministry spokesperson Majid Akhavan.
Akhavan noted that the reopening aligns with efforts to restore flight schedules and ensure passenger safety amid the ongoing stabilization process. He emphasized that international overflights and commercial flights operating at airports in the eastern regions are now permitted to resume.
Mashhad Airport, one of the affected locations, was previously struck during an Israeli air raid earlier this month. The airspace restrictions followed a deadly 12-day exchange of missile and drone strikes between Iran and Israel that began on June 13, when Israeli forces launched a large-scale air campaign targeting Iranian sites. In retaliation, Iran responded with waves of missile attacks on occupied territories.
A ceasefire agreement brokered by U.S. President Donald J. Trump was announced on Monday, June 23, and officially took effect the following day, bringing an end to the hostilities and paving the way for Iran's phased reopening of its aviation sector.

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Arab Times
4 hours ago
- Arab Times
Silver steals gold's spotlight in Kuwait
KUWAIT CITY, June 28: Despite the luster of gold even in times of crises, this appeal extends to all precious metals, including silver. A number of precious metal traders in Mubarakiya Market said they expected a silver price hike due to the Israeli-Iranian war. Silver jewelry sellers in the market disclosed that the price per gram now ranges from 360 to 400 fils, excluding the 'workmanship' fee -- an increase of about 11 percent compared to the previous prices. They added that if the 'workmanship' fee is included, the price ranges from KD1.5 to KD2. They attributed the recent increase in the price of 'white metal' to the remarkable increase in demand among citizens due to the regional developments. They stated that some people buy silver as an alternative to gold, whose price has increased dramatically. Furthermore, a group of investors prefers to store silver, along with gold, to benefit from a small profit margin or as a guarantee against the decline in paper currencies, amid price increase expectations due to the escalation of tension in the region. Amir Franji, a silver shop manager, told the newspaper that silver prices have increased from 360 to 400 fils per gram last month, with expectations of further price increases in the coming days due to the ongoing tensions between Iran and Israel. He confirmed the high demand for silver, especially since it is an alternative to gold for middle-income earners. 'Purchasing gold jewelry is currently beyond the means of the not-so-well-off, with the price of a 21-karat reaching nearly KD30 per gram. Nevertheless, investing in silver is completely different from investing in gold, as anyone who sells silver jewelry loses 30 to 50 percent, unlike gold, which is bought and sold based on the price ceiling set by the Ministry of Commerce and Industry,' he explained. Silver merchant Hussein Ali agreed, saying, 'Indeed, there has been a noticeable increase in silver sales during this period; particularly after the rise in gold prices as a result of the Iran-Israel war, because gold is considered a safe haven for investors amid political fluctuations.' He disclosed that Kuwait imports silver from Switzerland, the United Arab Emirates (UAE) and Italy. He said Swiss silver is the best type and most preferred by customers; hence, the price is around 15 fils higher than other types of silver. In a related development, Ahmed Abdul Redha, a gold trader, pointed out that silver -- like other commodities -- is vulnerable to political tensions sweeping the world. However, he believes that investing in silver is profitable in the long term, as those who buy a kilogram of silver will not receive a profitable return for at least five years. He cited the fact that a kilogram of silver 20 years ago was worth a little more than KD50, while the current price per kilogram is KD417. Gold trader Hamad Al-Saeedi stated that silver jewelry sales have been active since the outbreak of the war, with sales increasing by approximately 15 percent; but there has been no significant price increase, as the price of a gram of silver increased by around 15 fils. He revealed that the price of silver three months ago was less than 290 fils per gram and rose to 360 fils during Eid Al-Adha. Despite this, some traders sell one gram of silver at 410 fils, he added. He mentioned the multiple uses of silver in technology industries, tablets, solar panels, nuclear reactors and nuclear medicine. He thinks the price of silver will rise dramatically over the next five years with the proliferation of silver-related industries, considering the world is on the cusp of the Fourth Industrial Revolution, which relies heavily on silver. He said a group of investors prefers to store silver with gold to benefit from a profit margin, even if small, or as a guarantee in the event of a decline in paper currencies, especially since the value of the dollar is affected by international political events. Gold trader Bou Yaacoub noticed the revival of the silver market, as some consider silver an alternative to gold, whose price rises based on global political and financial events. He explained that the price of a gram of a crafted silver could reach KD1.500; while the price of a silver bar depends on its weight, as it is sold without the 'workmanship' fee and this is different from silver jewelry, whose price includes the 'workmanship' fee, so the price of a gram could range from KD1.500 to KD2 depending on the work method. He indicated that the best types of silver in the local market are 925 karat and 999 karat.

Kuwait Times
4 hours ago
- Kuwait Times
War highlights Mideast declining influence on oil prices
LONDON: The contained move in oil prices during the Zionist-Iran war highlights the increasing efficiency of energy markets and fundamental changes to global crude supply, suggesting that Middle East politics will no longer be the dominant force in oil markets they once were. The jump in oil prices following Zionist surprise attack on Iran was meaningful but relatively modest considering the high stakes involved in the conflict between the Middle East rivals. Benchmark Brent crude prices, often considered a gauge for geopolitical risk, rose from below $70 a barrel on June 12, the day before Zionist initial attack, to a peak of $81.40 on June 23 following the United States' strikes on Iranian nuclear facilities. Prices, however, dropped sharply that same day after it became clear Iran's retaliation against Washington – a well-telegraphed attack on a US military base in Qatar that caused limited damage – was essentially an act of de-escalation. Prices then fell to below pre-war levels at $67 on Tuesday after US President Donald Trump announced that Zionist entity and Iran had agreed to a ceasefire. The doomsday scenario for energy markets – Iran blocking the Strait of Hormuz, through which nearly 20 percent of the world's oil and gas supplies pass – did not occur. In fact, there was almost no disruption to flows out of the Middle East throughout the duration of the conflict. So, for the time being, it looks like markets were right not to panic. Shrinking risk premium The moderate 15 percent low-to-high swing during this conflict suggests oil traders and investors have slashed the risk premium for geopolitical tensions in the Middle East. Consider the impact on prices of previous tensions in the region. The 1973 Arab oil embargo led to a near quadrupling of oil prices. Disruption to Iranian oil output following the 1979 revolution led to a doubling of spot prices. Iraq's invasion of neighboring Kuwait in August 1990 caused the price of Brent crude to double to $40 a barrel by mid-October. And the start of the second Gulf war in 2003 led to a 46 percent surge in prices. While many of these supply disruptions – with the exception of the oil embargo – ended up being brief, markets reacted violently. One, of course, needs to be careful when comparing conflicts because each is unique, but the oil market's response to major disruptions in the Middle East has – in percentage terms, at least – progressively diminished in recent decades. Sense and sensibility There are multiple potential explanations for this change in the perceived value of the Middle East risk premium. First, markets may simply be more rational than in the past given access to better news, data and technology. Investors have become extremely savvy in keeping tabs on near-live energy market conditions. Using satellite ship tracking and aerial images of oilfields, ports and refineries, traders can monitor oil and gas production and transportation, enabling them to better understand supply and demand balances than was possible in previous decades. In this latest conflict, markets certainly responded rationally. The risk of a supply disruption increased, so prices did as well, but not excessively because there were significant doubts about Iran's actual ability or willingness to disrupt maritime activity over a long period of time. Another explanation for the limited price moves could be that producers in the region – again, rational actors – learned from previous conflicts and responded in kind by building alternative export routes and storage to limit the impact of any disruption in the Gulf. Saudi Arabia, the world's top oil exporter, producing around 9 million bpd, nearly a tenth of global demand, now has a crude pipeline running from the Gulf coast to the Red Sea port city of Yanbu in the west, which would have allowed it to bypass the Strait of Hormuz. The pipeline has capacity of 5 million bpd and could probably be expanded by another 2 million bpd. Additionally, the United Arab Emirates, another major OPEC and regional producer, with output of around 3.3 million bpd of crude, has a 1.5 million bpd pipeline linking its onshore oilfields to the Fujairah oil terminal that is east of the Strait of Hormuz. Both countries, as well as Kuwait and Iran, also have significant storage facilities in Asia and Europe that would allow them to continue supplying customers even through brief disruptions. Shifting fundamentals Perhaps the most important reason for the world's diminishing concern over Mideast oil supply disruptions is the simple fact that a smaller percentage of the world's energy supplies now comes from the Middle East. In recent decades, oil production has surged in new basins such as the United States, Brazil, Guyana, Canada and even China. OPEC's share of global oil supply declined from over 50 percent in the 1970s to 37 percent in 2010 and further to 33 percent in 2023, according to the International Energy Agency, largely because of surge in shale oil production in the United States, the world's largest energy consumer. To be sure, the global oil market was well supplied going into the latest conflict, further alleviating concerns. Ultimately, therefore, the Zionist-Iran war is further evidence that the link between Middle East politics and energy prices has loosened, perhaps permanently. So geopolitical risk may keep rising, but don't expect energy prices to follow suit. — Reuters

Kuwait Times
7 hours ago
- Kuwait Times
Trump hopeful for Gaza ceasefire, possibly 'next week'
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